Singapore June Exports Likely Extended Contraction
Singapore’s mainstay exports likely contracted in June as weakness in the US economy continued to stifle demand for electronics products. A Dow Jones Newswires poll of economists forecast non-oil domestic exports to have fallen 0.5% from May in seasonally adjusted terms after declining 9.8% in the previous month. Economists said the gloomy growth outlook in major export markets like the US and Japan will continue to create downside risks for Singapore’s exports. Still, some expect a chance for a slight improvement in electronics shipments after Singapore’s Purchasing Managers’ Index recovered to an expansionary reading in June.

Hiap Hoe Submits Top Bid For Land At Balestier
Hiap Hoe, through its associated company HH Properties (HHP), has submitted a tender for a land parcel at Balestier Road / Ah Hood Road for hotel and commercial / residential development and had emerged as the top bidder with a tender price of $73.3m. The URA is currently evaluating the tender and the company will make the necessary announcement in the event that HHP is awarded the tender.

Alpha’s New Macro Trends Fund Closes At US$1.2b
Keppel Land’s wholly owned real estate fund management arm, Alpha Investment Partners (Alpha), has announced the closing of its new fund, Alpha Asia Macro Trends Fund. The Fund raised a total of U$1.2b from 15 institutional investors, which exceeded its original target of U$1b.

Karin Records Best Ever 4Q Performance
Karin Technology Holdings (Karin) has announced that 4Q08 is its best forth quarter in terms of sales revenue, mostly attributed to the rapid growth of customers’ requirements in the IT solution and services in the financial services institution sector. As such, the Board believes that Karin will be able to meet its internal double-digit growth rate target for both revenue and net earnings for FY08.

CapitaLand Sets Up Integrated Development Private Equity Fund In China
CapitaLand has announced the establishment of its first integrated development private equity fund in China, namely the Raffles City China Fund (RCCF). The fund was successfully closed at US$1b, making it to-date the largest fund originated and managed by CapitaLand. RCCF’s principal investment objective is to invest in prime mixed-use commercial properties in key gateway cities in China. Its seed assets are CapitaLand’s four Raffles City-branded integrated developments in China, namely Raffles City Shanghai, Raffles City Beijing, Raffles City Chengdu and Raffles City Hangzhou.